#MarketPullback

🚨📣: Nine Democratic members of the US Senate have withdrawn their support for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, citing issues with the current text and the lack of strong provisions, such as anti-money laundering and financial system security.

- The proposal aims to regulate stablecoins in the United States, ensuring that each coin is backed by US dollars or guaranteed bank deposits.

- The Senate is expected to vote on the bill soon, and it requires the approval of at least seven Democratic members to pass.